Sumitomo Mitsui Banking (SMBC) chose NTT Data Getronics (NTTDG) and Firco Continuity, the payments screening solution from Accuity, to advance its operations across Japan and Southeast Asia.
The robust sanctions screening solution will strengthen SMBC’s ability to meet international regulatory requirements, by helping the bank to detect the risk of potential sanctions violations.
Firco Continuity has replaced SMBC’s previous solution for filtering SWIFT payment messages on behalf of its branches in Japan. SMBC has also implemented Firco Continuity across 16 countries in Southeast Asia to enhance its ability to filter trade-related financial transactions, optimising its screening process in this area.
The integration of Firco Continuity will equip SMBC with a fully automated screening system that is capable of filtering transactions in real-time, using the latest sanctions and trade embargo data sets.
SMBC expressed confidence the new solution’s false positive reduction capability will drive efficiency in the bank’s operations. Combined with NTTDG’s implementation expertise, this solution is expected to enhance their ability to protect their organisation and meet regulatory requirements, without compromising on performance.
Yanaka Masashi, EVP and director of NTTDG, said that by deploying the configurable software, SMBC will be able to practice sanctions compliance with precision, control and efficiency.
“We are confident that our combined solution will allow for increased operational efficiency across SMBC’s branches in the region and reduce the cost of compliance for the bank,” Franck Lanher, VP of partnerships at Accuity. “SMBC will be able to screen transactions efficiently, ensuring a seamless customer experience and ultimately protecting its reputation.”